Green Party plans to raise top rate of income tax to 60%

The Green Party will increase the top rate of income tax to 60p in the pound if it wins the election.Reuters

The top rate of income tax will rise to 60p in the pound if the Green party wins the UK general election next month.

Green party leader, Natalie Bennett has claimed that the measure would generate an extra £2bn a year for public services. She also said it would act as a deterrent for companies paying "excessively high" salaries.

10:1 wage ratio

"For too long now the economy in this country has worked for those at the top, while failing everyone else," Ms Bennett said.

"The 60p tax will raise money to fund crucial public services, contributing towards the reversal of the failed policy of austerity that is making the poor, the disadvantaged and the young pay for the greed and fraud of the bankers.

"Only the Green Party are proposing radical changes which will redistribute wealth within our economy and encourage companies to reduce the gap between their highest and lowest earners."

The top tax bracket currently applies to people who have an annual income of £150,000 and is 15% less than the Green's pledge, at 45%.

Bennett said her party wants a "10 to one ratio between the top paid and lowest paid person in an organisation".

Society issues

Speaking on the BBC's Andrew Marr show, Bennett also criticised the level of emphasis placed on cutting the deficit without addressing societal issues.

"There's been an undue focus on the deficit and less thought and consideration on the kind of society we need to have," she said.

"We're not collecting tax from multinational companies and wealthy individuals that could be paying for the essential public services, and we're seeing so many people in our society struggling."

Labour has said that it would reinstate the 50% tax rate, if it wins the general election on 7 May. The coalition government cut the rate to 45% in April 2013.

A ban on horse racing could also be introduced if the Green party came to power as part of their animal welfare policies.

Bennett said: "I can give you an exclusive preview of our manifesto, which says we want a complete review of all horse and greyhound racing."